Markets are likely to remain choppy with negative bias ahead of Greece elections, advance tax numbers and RBI policy meet on Monday, according to analysts.

"Traders will be eyeing the advance tax numbers for the first quarter to gauge the health of India Inc, while the manufacturing sector is likely to report weak numbers, good number is expected from oil companies and the private banking companies," according to a report by LKP Securities.

"The Nifty Index moved past its 200-DMA on Tuesday, but it did not sustain above it for more than 2 days and the index closed below the 200-DMA mark on Thursday. However, the volumes have not been very high and the 200-DMA is itself rising. There are conflicting indicators suggesting total lack of direction in the market," Vinit Pagaria, VP - Investment Strategies at Microsec Capital Ltd, said.

"Most of the market participants are willing to wait for the events of Greece elections and the RBI credit policy before taking a directional view of the market and hence there is lower participation at the moment. Consequently, the reliability of 200 DMA has been diluted in the extreme short term," added Pagaria.

"The rupee rose on Friday helped by positive global cues, though trading could be range-bound as traders await the outcome of Greece elections over the weekend and the Reserve Bank of India policy decision on Monday," said a Reuters report.

The rupee was trading at 55.70/71 per dollar, compared to its 55.80/81 close on Thursday.

"The rupee has taken important support at 55.00. However, we still feel 55.22-55.56 is a very good short term support for the rupee against the dollar which should be used by importers to cover short term who have missed levels of 55," according to a report by India Forex.